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Oregon Bancorp Announces Second Quarter Earnings

by Sea Point Realtors

SALEM, ore .– (BUSINESS WIRE) – Oregon Bancorp, Inc. (OTCBB: ORBN) (the "Company"), the parent company of Willamette Valley Bank, reported net income for the second quarter totaling 5.4 million return on equity of 33.2%. This compares to $ 7.5 million and $ 3.3 million, respectively, in the second quarters of 2020 and 2019. Quarterly residential mortgage loan production declined 5% to $ 407.9 million in 2020 compared to the same period. Returns on mortgage loan sales decreased, which had an impact on noninterest income.

Total assets increased $ 2.3 million during the quarter, driven by an increase in deposits of $ 6.5 million and loan repayments of $ 6.3 million. The company's cash and short-term investments increased $ 19 million to $ 66.3 million at the end of the quarter. The increase in cash is due to a decrease in mortgage loans held for sale and an increase in deposits.

Commercial real estate loan balances increased $ 5.1 million for the quarter. That growth was offset by a $ 6.3 million reduction in Paycheck Protection Program loans waived by the US Small Business Association. The company's capital continues to grow through income, which is reflected in an equity ratio of 18.1%. During the quarter, the board announced a dividend of $ 0.26 per share payable to shareholders on July 15, 2021.

Ryan Dempster, President and CEO commented, "Quarterly earnings remain strong and will continue to perform well against peers. He continued, "We believe that the return to normal after the pandemic-related restrictions are removed will open additional business opportunities for the company as the economy recovers."

About Oregon Bancorp, Inc.

Oregon Bancorp, Inc. is the parent company of Willamette Valley Bank (bank), a community bank headquartered in Salem, Oregon. The bank operates commercial and retail banking activities at four full-service branches in Salem, Keizer, Silverton and Albany, Oregon. The bank also operates 13 home loan centers in Oregon, Washington, and Idaho. For more information about Oregon Bancorp, Inc. or its subsidiary Willamette Valley Bank, please call (503) 485-2222 or visit our website at http://www.willamettevalleybank.com.

Forward-Looking Statements

Certain statements in this press release may be considered "forward-looking statements". Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and should not be relied upon. Forward-looking statements speak only as of the date of their publication and we assume no obligation to publicly update them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those in forward-looking statements.

CONSOLIDATED BALANCE SHEET
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(Amounts in thousands except data per share)	June 30th						March 31,
Summarizing status descriptions	2021			2020			2021
Cash and Short Term Investments	$	66,338		$	20,044		$	47,018
Loan:
Real estate		207,805			186,978			202.732
Commercially		24,548			37,462			30,947
Others		605			3,316			690
Unearned income		(899	)		(1.103	)		(970	)
Credit default reserve		(2.601	)		(2.386	)		(2.598	)
Total net loans		229,458			224.267			230.801
Loans available for sale		62,338			90,437			75,596
Property and other assets		18,498			19,050			20,962
Total assets	$	376.632		$	353,798		$	374.377

Insoles:
Interest-free demand	$	28,921		$	25,509		$	27,130
Interest-bearing demand		80,546			62,843			83,724
Saving and money market		118,305			86,736			106.131
Certificates of deposit		68,759			82.005			73.061
Total deposits		296,531			257.093			290.046
Loans		–			37,881			6.343
Other liabilities		12,026			14,024			15,231
equity capital		68,075			44,800			62,756
Total liabilities and equity	$	376.632		$	353,798		$	374.377

Book value per common share	$	28.22			18.99			26.36

GROUP PROFIT AND PROFIT STATEMENT
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	Six months ended				Three months end
(Amounts in thousands except data per share)	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Interest income	$	7,047	$	6,283	$	3,543	$	3,332
Interest expenses		599		1,157		293		548
Net interest income		6,448		5.126		3,250		2,784
Risk provisioning in the lending business		113		566		–		176
Net interest income after provision		6,335		4,560		3,250		2,608
Non-interest income		43,025		35,155		19,521		23,271
Interest-independent expense		32,090		26,492		15,546		15,732
Net profit before income taxes		17,270		13,223		7,225		10.147
Provision for income taxes		4,544		3,338		1,799		2,643
Net profit after income taxes	$	12,726	$	9,885	$	5,426	$	7,504

Basic earnings per share	$	5.31	$	4.21	$	2.25	$	3.18